Core Viewpoint - The collaboration between Four Seasons Pharmaceutical and Deep Origin Biopharmaceuticals marks a significant step in the application of AI technology in the medical aesthetics sector, focusing on innovative product development and strategic positioning in the "AI + Medical Aesthetics" landscape [1][2] Group 1: Collaboration Details - Four Seasons Pharmaceutical has signed a framework agreement with Deep Origin Biopharmaceuticals to establish an AI research and development company, aiming to explore AI-driven innovations in medical aesthetics [1] - The partnership will leverage over 20 years of industry resources, commercialization pipelines, and R&D reserves from Four Seasons, while Deep Origin will provide its proprietary protein design automation platform and core technologies [1] Group 2: Strategic Objectives - The collaboration aims to break through raw material bottlenecks and upgrade the medical aesthetics business by utilizing Deep Origin's unique protein design platform to address challenges in the design, optimization, and expression of core injectable materials [1] - The initiative is expected to reduce reliance on imported high-end materials, promoting the upgrade of medical aesthetics products towards "high-end and domestically produced" solutions, thereby strengthening market share and brand influence [1] Group 3: R&D Efficiency and Innovation - The partnership will enhance the efficiency of medical aesthetics R&D processes by integrating deep generative models and high-throughput experimental validation systems, which will shorten the early-stage molecular screening cycle and lower development costs [2] - The establishment of the AI R&D company will focus on creating globally innovative raw materials and products, addressing unmet market needs and injecting momentum into the long-term development of the medical aesthetics business [2]

Core Viewpoint - The collaboration between Four Seasons Pharmaceutical and Deep Origin Biopharmaceuticals marks a significant step in the application of AI technology in the medical aesthetics sector, focusing on innovative product development and strategic positioning in the "AI + Medical Aesthetics" innovation track [1][2] Group 1: Collaboration Details - Four Seasons Pharmaceutical has signed a framework agreement with Deep Origin Biopharmaceuticals to establish an AI research and development company, aiming to explore AI-driven new medical aesthetic product development [1] - The partnership will leverage over 20 years of industry resources, commercialization pipelines, and R&D reserves from Four Seasons, while Deep Origin will provide its proprietary protein design automation platform and core technologies [1] Group 2: Technological Advancements - The collaboration aims to create a "dry-wet closed-loop" R&D platform that integrates AI design, high-throughput experimental validation, and data feedback iteration, enhancing the value of the medical aesthetics business [2] - The use of advanced generative models and large language models will shorten the early-stage R&D molecular screening cycle, reduce development costs, and improve the success rate of R&D in the medical aesthetics field [2] Group 3: Market Positioning - The focus on high-end medical aesthetic raw material innovation aims to break the dependency on imported high-end materials, promoting the upgrade of Four Seasons' medical aesthetic products towards "high-end and domestically produced" [1] - The collaboration is expected to address unmet market needs in the medical aesthetics sector, injecting momentum into the long-term development of Four Seasons' medical aesthetics business and enhancing its core competitiveness and market value [2]

Core Viewpoint - The collaboration between Four Seasons Pharmaceutical and Deep Origin Biopharmaceuticals marks a significant step in the application of AI technology in the medical aesthetics sector, focusing on innovative product development and strategic positioning in the "AI + Medical Aesthetics" landscape [1][2] Group 1: Collaboration Details - Four Seasons Pharmaceutical has signed a framework agreement with Deep Origin Biopharmaceuticals to establish an AI research and development company, aiming to explore AI-driven innovations in medical aesthetics [1] - The partnership will leverage over 20 years of industry resources, commercialization pipelines, and R&D reserves from Four Seasons, while Deep Origin will contribute its proprietary protein design automation platform and core technologies [1] Group 2: Strategic Objectives - The collaboration aims to break through raw material bottlenecks and upgrade the medical aesthetics business by utilizing Deep Origin's unique protein design platform to address challenges in the design, optimization, and expression of core injectable materials [1] - The initiative is expected to reduce reliance on imported high-end materials, promoting the upgrade of Four Seasons' medical aesthetics products towards "high-end and domestically produced" offerings, thereby strengthening market share and brand influence [1] Group 3: R&D Efficiency and Innovation - The partnership will enhance the efficiency of medical aesthetics R&D processes by integrating deep generative models and high-throughput experimental validation systems, which will shorten the early-stage molecular screening cycle and reduce development costs [2] - The establishment of the AI R&D company will focus on globally pioneering raw materials and product development, addressing unmet market needs and injecting momentum into the long-term growth of Four Seasons' medical aesthetics business [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Sihuan Pharmaceutical Holdings Group Ltd. 四環醫藥控股集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：0460） 自願公告 四環醫藥與深原質藥聯合成立AI研發公司 探索開發AI驅動的新型醫美產品 四 環 醫 藥 控 股 集 團 有 限 公 司（「本公司」或「四環醫藥」，連 同 其 附 屬 公 司，統 稱 為「本集團」）董 事 會（「董事會」）欣 然 宣 佈，為 推 動 人 工 智 慧 技 術（「AI」）在 醫 療 美 容（「醫 美」）產 品 研 發 領 域 的 深 度 應 用 與 產 業 化 落 地，本 集 團 已 與 深 原 質 藥 生 物 科 技（北 京）有 限 公 司（「深原質藥」）簽 署 框 架 協 議。雙 方 將 聯 合 成 立 由 本 集 團 主 導 的AI研 發 公 司，共 同 探 ...

Core Viewpoint - The unilateral termination of the exclusive agency rights for AestheFill by Regen has dealt a severe blow to Jiangsu Wuzhong, which is already struggling on the brink of delisting [1][4]. Group 1: Company Impact - The loss of AestheFill is critical for Jiangsu Wuzhong, as it contributed 326 million yuan to revenue in 2024, accounting for 20.42% of total revenue, and 269 million yuan to gross profit, representing 34.80%, leading to a net profit increase of 197.97% [3]. - In Q1 2025, AestheFill's revenue contribution surged to 35.55%, with gross profit share rising to 45.77%, making it the company's primary performance pillar [4]. - Jiangsu Wuzhong has indicated that the medical aesthetics segment's revenue and profit will "significantly decline" in the second half of the year due to this loss [4]. Group 2: Legal and Public Response - In response to the crisis, Jiangsu Wuzhong has initiated legal proceedings, asserting that there was no transfer of agency rights and that the agreement does not include clauses for termination due to administrative penalties [5]. - The company has publicly criticized Regen and Aimeike for "maliciously trampling on contractual spirit" and damaging the image of Chinese enterprises abroad, using unusually strong language [5]. Group 3: Industry Dynamics - The dispute highlights the inherent challenges within the medical aesthetics agency model, where brand owners maintain control, leaving agents in a passive position [6]. - This incident may increase insecurity among the agency group in the industry, potentially leading to reduced market investment and negatively impacting the overall performance of the medical aesthetics supply chain [6]. - The competition in the medical aesthetics market is intensifying, with the market size for facial rejuvenation products in China nearing 600 million yuan in 2023, and a product launch wave expected in 2024 [7].